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Asked if Singapore would remain the only night race for the next five years, Ecclestone added: "The trouble is they've started something that's so popular worldwide that I'm sure other people are going to want to do this.

"Whether or not we're going to be happy with that I don't know, but we're very happy with what we've got in Singapore - more than happy.

"I'm very proud they had the courage to do this in the first place."

Ecclestone refused to confirm the cost of the new contract, although he did hint that negotiators for the Singapore race had failed to extract a Monaco-style race fee exemption. It is thought that they argued for one, pointing out how successful the race has been for sponsors.

"I always believe these sort of questions shouldn't be asked," Ecclestone said. "A gentleman should never speak about money and last night! But the hardest thing [about negotiations] was explaining to the minister that we don't race for free."

Referring to the deal only being concluded this weekend, Iswaran said: "The negotiations took some time because all parties had very specific objectives and wanted to arrive at a mutually beneficial outcome.

"F1 has been good for Singapore...and good for F1, adding a new dimension to the sport with a unique night race".

Iswaran claimed that the race was operating at roughly break-even cost, with 150,000 visitors over the last four GP weekends bringing in £70-75million. Iswaran added that it costs £75million annually to stage the race, although there was "additional scope for savings".